Today's Quote: “We succeed only as we identify in life, or in war, or in anything else, a single overriding objective, and make all other considerations bend to that one objective." General Dwight David Eisenhower.

The past 11 Daily Trading Lessons have focused on the same topic regarding the five different types of lists that VCM traders use throughout the day to find plays both on an intraday basis and on a swing or core basis. We wanted to take a moment to review and put everything in perspective before we move on to other topics.

The use of each of these lists may vary greatly from trader to trader. Some traders may maintain a wealth building account (the longer-term count) that consists mostly of core trades with only occasional entries. Perhaps this trader may only look at the end of the week for additional longer term plays. This trader may also have a favorites list that they use as a total watch list and it may consist of only 10 to 20 stocks. As a scalper during the day they may look at this list and this list only. For this type of trader the other lists may not be of use. However this very focused mentality is a sign of a good trader and these may be all the lists that are required.

Other traders may have a different mentality. They may will look at a wider variety of stocks and try picking the best of the best of every category. This is fine also as long as these traders use the discipline required to not over trade because of the wide variety of input they will be receiving from the various lists. Also remember, the larger the time frame you focus on as a trader, the more input you will need and the more lists you'll need to use. This is because stocks set up less often the larger the time frame you look at. A core trade may only happen once or twice a year. A swing trade may only happen once or twice a month on any particular symbol you look at. However there may be a dozen intraday set ups on any stock on the 1, 2, or 5 minute charts.

In summary these are the five types of lists we discussed. The daily watch list created from the daily charts at the end of the prior day; the gap list which is formed during the pre-market of the current day; the trader's personal favorites list which they get to know intimately one every time frame; the sector lists and the breakouts of the various sector lists to track the flow of money on a day-to-day basis; and finally the lists created by use of VCM Scanner Pro™.

With these five weapons at your side you will rarely be in need of additional play ideas.